Caterpillar plans for more layoffs after second quarter numbers
Decatur - More layoffs on the way for Caterpillar.
Around 800 works have already been cut, but now upper management is getting slashed.
A spokesperson from Caterpillar tells WAND that these are in line with what they reported during their second quarter financial statement. The quarter showed a significant drop in profits and a fall in revenue. However, Caterpillar is not saying much about this round of layoffs.
Caterpillar did say employees in support and management positions are being let go here in Decatur and nationwide. The company says that those workers will have the chance to apply for other openings in the company.
A financial expert, who follows Caterpillar describes this is a scary time. Jim Minton adds there could be good news in the company's future "The dollar has broken its uptrend and so now the dollar appears that it could start going lower and that may be the light at the end of the tunnel for the Caterpillar company and for Caterpillar employees"
Minton also adds that "60 to 70 percent of their business is outside of the United States and a falling dollar makes them more price competitive and helps their profits outside of the United States."
Caterpillar is a cyclical company, so success goes up and down with the economy. However, according to Minton the company could be looking into bigger problems.